The stock didn't rebound Monday, with Maxwell’s shares down 9 cents to close at $9.51 on the Nasdaq.

The maker of ultra-capacitors – battery-like devices that release power in short bursts and recharge quickly – reported sales of $39.2 million for the quarter and earnings of $504,000, or 2 cents a share.

Wall Street analysts had expected revenue of $40.4 million and earnings of 2 cents.

The company lowered its sales forecast for the current quarter to $41 million to $42 million, compared with the $47 million that analysts expected.

It also said full-year sales growth would be 15 percent to 20 percent ahead of the $157 million in revenue posted in 2011.

Maxwell’s ultra-capacitors are used in hybrid electric buses and other vehicles, as well as on wind farms to adjust blade pitch. “Wind turbine deployments in China and elsewhere continue to be well below levels seen in previous years, so wind-related ultra-capacitor sales were lower than a year ago,” said Chief Executive David Schramm in a conference call with analysts.

The company also blamed the general European slowdown and delays in China’s hybrid bus program for lowering its revenue forecast.

Schramm added that Maxwell's long-term outlook in China is good as that country’s leaders have called for more wind farms to help meet demand for electricity.

Canaccord Genuity analyst Jonathan Dorsheimer cut his rating on Maxwell’s stock from buy to hold following the revised forecast.

“Maxwell’s ultra-capacitor results remain hampered by the prolonged slowdown in China’s wind market,” he said in a research note. “The company is hopeful for a strong recovery in the back half of this year; however at this juncture we feel that this assumption may be too optimistic.”

Think Equity analyst Colin Rusch kept his buy rating on the stock, saying that the future of ultra-capacitors remains bright even with the current lull in the market.